Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation
This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program....
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/879531468206949341/Argentina-International-Organization-of-Securities-Commissions-IOSCO-objectives-and-principles-of-securities-regulation-detailed-assessment-of-observance http://hdl.handle.net/10986/27233 |
| Summary: | This assessment finds that Argentina has
made significant progress to improve its securities
regulatory system within the existing legal framework.
Specifically, Argentina operates a highly, even uniquely,
transparent securities regulatory program. The assessment
also finds that the Argentine securities regulator has
dedicated professional staff, active on-site inspection
programs, pro-active investigation of complaints, a road map
to transition by 2012 to international accounting standards
(IFRS) and plans to modernize auditing standards, the
ability to assist foreign regulatory authorities to the
extent of its current powers, and a commitment to use the
powers it has to meet its mandate, achieve international
benchmarks, and build on its practical experience to
strengthen regulatory oversight. At the same time this
assessment finds areas, of which the securities regulator is
well aware, that need to be improved. These include that:
(i) the complex structure of the market may be a source of
inefficiency and an impediment to price formation and best
execution; (ii) the regulator has insufficient
administrative power to oversee comprehensively the
regulatory performance by certain self-regulatory
organizations affecting equity and private debt markets with
respect to their members and to supervise, discipline and
enforce its rules and the securities laws over such members
directly; (iii) the ability to cooperate domestically and
with foreign regulators is constrained by securities and
banking secrecy law; (iv) the legal underpinning for
protecting customer funds held by intermediaries needs
enhancements; (iv) there are no existing market disruption
contingency plans at the regulatory level; and (v) the
markets offer some products that may require additional,
tailored monitoring and explanation to external
participants. This assessment of the International
Organization of Securities Commissions (IOSCO) objective and
principles of securities regulation was conducted between
May 11 and May 26, 2011 in Buenos Aires, Argentina and
includes references to certain post on-site improvements.
The assessment included a review of the main securities
laws, executive decrees, and general resolutions that relate
to the mandate of the Comision Nacional de Valores (CNV) and
underpin the public offer and trading of securities in Argentina. |
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